Non Cult Crypto News

Non Cult Crypto News

in ,

Bitcoin teases breakout as ‘FOMO liquidity grab’ keeps $69K in place

Bitcoin bulls have more work to do for a major resistance flip while BTC price strength sees the highest daily close in over four months.

COINTELEGRAPH IN YOUR SOCIAL FEED

Bitcoin (BTC) circled a key breakout level on Oct. 19 after a “FOMO liquidity grab” ended in rejection at $69,000.

BTC/USD 1-hour chart. Source: TradingView

BTC price seals best daily close in 4 months

Data from Cointelegraph Markets Pro and TradingView showed BTC price action constricting after the week’s final Wall Street trading session.

BTC/USD saw new three-month highs the day prior, coming within inches of $69,000 on Bitstamp before giving up its spontaneous gains.

“Low volume + bear divs on this breakout,” popular trader Roman told followers on X at the time. 

“Still think we come back down and consolidate before moving higher. This seems like a fomo liquidity grab before the real breakout.”

BTC liquidation heatmap (screenshot). Source: CoinGlass

Data from monitoring resource CoinGlass showed thick liquidity walls building either side of spot price, with asks keeping a lid on BTC price upside.

Roman also referred to a crunch area of interest for market participants, $68,400, this corresponding to a breakout zone of significant importance since March’s all-time high.

“Everyone is watching 68.4k to break the macro range,” he concluded.

BTC/USD 1-day chart. Source: Rekt Capital/X

Continuing on the topic, fellow trader and analyst Rekt Capital acknowledged that bulls still had work to do in order to cement the zone immediately above $68,000 as solid support.

“Bitcoin is once again pressing beyond the very top of the resistance area (red),” he explained on X alongside an illustrative chart.

“Bitcoin just needs one Daily Close beyond the red resistance to position itself for a confirmed breakout from here. Daily Close is essential to confirm lack of upside wicks beyond resistance.”

The Oct. 18 daily close ultimately came in marginally above $68,400, making it Bitcoin’s highest since June 10.

Bitcoin macro bull factors line up

Turning to macroeconomic trends, trading firm QCP Capital had good news for Bitcoin bulls going forward.

Related: Different this time? Bitcoin RSI says $233K BTC price possible in 2025

Strong institutional inflows, as well as three-and-a-half-year highs in Bitcoin’s crypto market cap dominance, meant that so-called “L1 coins” should all benefit, it argued in its latest bulletin to Telegram channel subscribers.

Bitcoin dominance stood at 58.88% at the time of writing, having briefly tagged 59% on Oct. 17.

Bitcoin crypto market cap dominance 1-week chart. Source: TradingView

“With US equities close to all-time highs and the Japanese yen on a fresh weakening trend, risk-on sentiment will only grow stronger as we approach the US election,” QCP added. 

“This will propel risk assets higher and support our Uptober narrative.”

BTC/USD monthly returns (screenshot). Source: CoinGlass

BTC/USD was up 7.7% month-to-date on the day, performance approximately equal to September.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article first appeared at Cointelegraph.com News

What do you think?

Written by Outside Source

What will it take to accomplish real blockchain interoperability? | Opinion

Will Bitcoin Repeat History? On-Chain Data Suggests a Q4 Breakout: CryptoQuant

Back to Top

Ad Blocker Detected!

We've detected an Ad Blocker on your system. Please consider disabling it for Non Cult Crypto News.

How to disable? Refresh

Log In

Or with username:

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

To use social login you have to agree with the storage and handling of your data by this website.

Add to Collection

No Collections

Here you'll find all collections you've created before.